One of the main financial statements of a business or a nonprofit entity that lists the major reasons for the change in a company's cash and cash equivalent at the beginning and the end of the accounting period.
Statement if Cash Flows
100
What is Net Sales minus Cost of Goods Sold?
Gross Profit
100
A business major that's start with A and ends with G
Accounting
100
What is the difference between an Expense and a Payment?
Expenses are costs that have been used up or have been incurred in the process of creating revenue. A Payment is a disbursement of money. Some payment are current period expenses but many payments are not expended of the current period.
100
What is the cost that changes depending on the number of unites?
Variable Cost.
200
What is the ONLY Financial Statement that doesn't have a period?
Balance Sheet doesn't have a period.
200
What is the most commonly used depreciation method?
Straight-Line method.
200
Who is the Associate Dean of SBA?
Jorg Bley
200
One Contra-Asset account and with what asset account is it associated?
Accumulated Depreciation-Depreciation, Allowance-Accounts receivable, Discount on Notes Receivable-Notes Rec.
200
What is an example of a non-cash expense?
Depreciation, Amortization, Depletion.
300
What is the limitation of an income statement?
Income numbers are affected by the accounting methods employed.
300
What are the three methods to calculate inventory?
LIFO, FIFO, Weighted Average.
300
What is the most watched video on Youtube?
PSY Gangam Style
300
What does Retained Earning equal to?
Its Net Profit minus Dividends.
300
What is the difference between Amortization and Depreciation?
One is for Loans and one is for Tangible Assets
400
In what statement does Unearned Revenue Appear in?
Liability Section, Balance sheet
400
Methods of Cash flow
Direct and Indirect.
400
What painted the Mona Lisa?
Leonadro Da Vinci
400
When the company anticipate an noncollectable amount, what account does it journalize?
Bad Debt Exp/ Allowance
400
What is one way to reduce break-even point?
We either reduce Variable Cost or reduce Fixed Cost or Increase SP
500
Beg RE= 200,000$ --- Rev= 400,000$ --- Exp= 350,000$ --- Dividends Declared = 11,000$
Calculate RE at the end of the accounting period
239,000$
500
What Inventory recording method is the best for tax purposes?
LIFO
500
What is J. R. R. Tolkien most famous book that was made to a movie and how many Academy Awards did it receive?
Lord of Rings, 17 Academy Awards.
500
How many accounts are effected when a company journalize tax?
2
500
What is prepared after preparing adjusted entries?